Private gyms with pools, solariums, heated roof decks, skyline and river views, pet sitting services, valeted parking, granite and marble laid rooms, and daycare centers are amenities feature-rich NYC luxury buildings offer. Jarret Willis, a real estate Guru, working in one of the most renowned Luxury real estate firms, Bespoke Real Estate, says that thousands of capable buyers are drawn into NYC by these properties year in, year out. According to Jarret, there are some things you as a buyer should know before you contemplate purchasing a million dollar or multi-million dollar unit in NYC.
Do your research as each NYC luxury building has its amenities to offer and rules for purchase. Each area has its advantages and disadvantages, and you will also want to find the most capable real estate agent or broker because not all of them are equal. Doing your research puts you ahead of your competition – other willing and able buyers.
You need a competent broker as luxury properties are not without problems. There could be structural problems such as roofing issues, improper weight-bearing pillars, piping problems, and mold or water damage evidence. Jarret advises that you ensure your contract includes a home inspection contingency that permits you to walk away from the property if the inspector finds a problem with it. A competent broker will also ensure that he shows you only properties that are up to standard.
The word “terms” in the real estate industry refers to the stipulations under which money is given. For cash closures, it relates to how many days are needed to close, while for mortgage holders, it refers to the time required to obtain your funds from the bank and transfer them to the appropriate account, as well as your percentages for interest. Knowing your terms inside out makes it easier for your broker to negotiate with sellers for you.
If you plan on purchasing an NYC Luxury real estate property on mortgage, Jarret says that you will need to get a mortgage approval letter from the bank stating the amount of mortgage loan for which you are approved. Sellers have a legal option of telling their brokers to only show properties to buyers who are bank approved.
5. You don’t have to spend a ton of money
Some strategies exist for those who want to purchase NYC luxury real estate without breaking the bank. One way is to look for units with higher maintenance as they usually have lower asking prices. You can also opt to purchase a unit on the lower floor of a luxury building as they are much cheaper than a unit on the second floor.
There is an adage related to the NYC Rental market that says, bring a bank-certified check with you and be ready to close on a rental unit you like as soon as you see it because the next person to see it might just snag it from under your nose. Jarret says that the same applies to the NYC buyer’s market. Your most robust competition in the luxury market is International all-cash buyers who close deals in as little as two weeks. Jarret advises that you assess your financial situation to know how quickly you can move on such a property.
If you are interested in learning more about the NYC luxury market, visit the Bespoke Real Estate website for the contact details of a premier team of specialists who will answer all your real estate questions.